Barely two weeks after going live on the Base network, Friend.tech has grabbed the attention of the cryptocurrency space. At the same time, the decentralized social media platform has gained interest from numerous maximal extractable value (MEV) bot deployers.
According to a new report, MEV bots have made over $2 million by sniping “keys” on Friend.tech. Keys, initially referred to as “shares,” are the social platform’s main asset, allowing users to message their preferred X (formerly Twitter) accounts privately.
“Approximately 125 MEV Bots Rakes In $2 Million On Social Platform”
Tom Wan, an on-chain and research analyst at 21.co, revealed – via a post on X – that about 125 MEV Bots have profited $2.1 million on Friend.tech since the platform took off on August 11, 2023. According to the on-chain analysis, the bots sniped more than 21,800 profiles in less than two weeks, most created after August 16.
Data compiled on Dune Analytics shows that the most profitable MEV bot has sniped 96 keys since the Friend.tech’s launch, raking in more than $500,000 (345 ETH). Tom Wan added that the average holding duration for each key is 17 minutes.
A Dune Analytics dashboard also revealed that over 800,000 failed transactions had been sent to Friend.tech’s contract address, with the MEV bots accounting for about 91% of these transactions.
It is worth mentioning that the number of daily failed transactions on the platform hit a record high of 308,860 on August 21, which dwarfs the 216,070 successful transactions on the same day. Unsurprisingly, the highest number of MEV transactions was recorded on the same day.
According to DefiLlama data, Friend.tech has a total value locked (TVL) of $5.7 million, representing a 322% surge in the past week. Meanwhile, the platform currently has over 115,000 unique users.
How Friend.tech Impacted The Base Network
On Monday, August 21, Base reached an unprecedented high in network activity, notching a daily transaction-per-second (TPS) of 15.88.
From the Dune analytics dashboard, about 35,000 of the 103,000 active addresses on the Base network – on Monday – were Friend.tech users. This means that 25% of Base’s activity came from the social media platform.
These statistics underscore the massive growth of Base since launching its public mainnet this month. As of this writing, the network ranks as the 5th-largest Layer 2 in TVL.
Crypto Total Market Cap moving sideways on daily timeframe | Source: TOTAL chart on TradingView